Title Insurance

I helped a client purchase a home and shortly after he moved in, he began the process of preparing to install a fence. With the survey in hand, he began marking the property and removing shrubs. The neighbor happened to notice what was happening and came out in protest stating that my client was marking his new fence line on their property. At this point a long conversation ensued and another survey had to be done. As it turns out, according to the legal documentation, not only was it not the neighbor’s property but their home was encroaching onto my client’s yard!

Since it was a manufactured home, he asked that the neighbors relocate their home to fit into the proper boundaries. Of course, there was a cost involved, which can make a huge impact on a families overall financial future. Thankfully they had title insurance to help cover this cost.

So, what is title insurance?

It is an insurance to protect you, as well as your lender’s priority in the mortgage, against losses arising from various title risks.

Some potential risks could be:

• Another party owns an interest in your title
• Existing liens against the title
• Violations of municipal zoning by-law’s
• Encroachments onto an adjoining property (Other than fences and boundary walls)
• Setback violation’s
• Tax arrears
• Outstanding municipal utility charges (Provided such charges form a lien on the title’s existing work orders)
• Lack of legal access to the property

Always contact your lawyer and insurance agent to find out what best suits your needs. If you are looking for a referral to a good insurance company that provides title insurance, feel free to get in touch anytime!